Summary of Key Points from Conference Call Records Industry Overview - The wind power industry is expected to see an increase in installed capacity, with projections for 2025 reaching a historical high of 110-120 GW, maintaining a high level of around 100 GW in the following years [1][3] - The competition between wind power and photovoltaic (PV) energy is becoming more pronounced, with wind power showing a competitive edge in recent bidding results [1][4] Core Insights and Arguments - Wind power bidding volume in the first half of 2025 increased by 8.8% year-on-year, with expectations for the total annual bidding volume to exceed last year's figures, reaching historical second-high levels [1][6] - Wind turbine prices in China are over 50% cheaper than in Europe, leading to significantly higher export profitability compared to domestic sales [1][7] - The gross profit margins for wind turbine manufacturers are expected to improve in the second half of 2025 due to increased orders, export growth, and offshore wind power deliveries [1][8] - Goldwind Technology is projected to maintain double-digit growth in shipments, with a record high order volume of 18 GW in the first half of the year [1][7] Additional Important Content - The offshore wind power sector is anticipated to experience a boost in market conditions in the second half of the year due to policy adjustments and increased grid-connected capacity [1][10][11] - The deep-sea projects represent a new direction for domestic offshore wind power, with demonstration projects marking the official start of exclusive economic zone projects, which will drive technological upgrades and market expansion [2][12] - The transition in technology routes for Goldwind Technology from direct drive to semi-direct drive and then to doubly-fed models is expected to significantly enhance performance in the coming years [1][9] - The European market is also undergoing significant policy changes to support energy independence, which may create opportunities for Chinese suppliers in the global supply chain [1][16][18] Conclusion - The wind power industry is poised for growth, driven by favorable bidding results, competitive pricing, and technological advancements. The interplay between domestic and international markets, particularly with Europe, will shape the future landscape of the industry.

当中国已占全球海上风电装机半壁江山之时，如何"建得好、运营稳" 成为比"建得多"更关键的命题，在政策加码与成本挑战的双重催 化下，高质量的"靠谱"海上风电项目正成为行业破局的核心密码。 战略"靠谱"：风电龙头共创标杆 国华半岛南U2场址海上风电项目(又名"望海项目")位于山东半岛，后者是我国《"十四五"可再生能源发展规划》中明确提出的五大海上 风电基地之一，总装机容量580万千瓦，已成为引领我国北方海上风电发展的标杆区域。 该项目由国家能源集团旗下国华投资与风机龙头远景能源合力打造，风场所在海域离岸32公里，水深30-33米的，场址总面积95.6 km²，总装机容量603.5MW，是北方地区总装机容量最大的单体海上风电项目——山东半岛南U海上风电项目的重要组成部分。U2项目于 2023年12月全容量并网发电，设计年发电量24.2亿千瓦时，为当地社会经济可持续高质量发展做出了巨大贡献。 项目采用71台远景 EN-226/8.5MW海上智能风机（一期36台，二期35台）。据了解，EN-226/8.5MW为项目建设当年最先进的海风机 组，采用成熟的高速双馈技术路线，近一两年运行数据显示，无论是可靠性还是年等效满发小 ...

Core Viewpoint - Yunda Co., Ltd. has shown a significant increase in stock price this year, with a 39% rise, despite a recent decline in the last five trading days [1][2]. Company Overview - Yunda Energy Technology Group Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on November 30, 2001, with its listing date on April 26, 2019 [1]. - The company specializes in the research, production, and sales of large wind turbine generators, with its main business revenue composition being: wind turbine generators 87.54%, new energy EPC contracting 6.36%, others 4.04%, and power generation income 2.06% [1]. Financial Performance - For the first half of 2025, Yunda Co., Ltd. achieved an operating income of 10.894 billion yuan, representing a year-on-year growth of 26.27%, while the net profit attributable to shareholders decreased by 2.62% to 144 million yuan [2]. - The company has distributed a total of 281 million yuan in dividends since its A-share listing, with 153 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Yunda Co., Ltd. increased by 12.53% to 38,400, while the average circulating shares per person decreased by 10.80% to 18,153 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 10.8234 million shares, a decrease of 5.5642 million shares from the previous period [3].

Core Viewpoint - Dongfang Cable's stock has shown significant growth in 2023, with a year-to-date increase of 17.24% and a recent surge in trading activity, indicating strong investor interest and potential market confidence [1][2]. Financial Performance - For the first half of 2025, Dongfang Cable reported a revenue of 4.432 billion yuan, reflecting a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2]. - Cumulatively, since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Dongfang Cable decreased by 31.73% to 36,100, while the average number of circulating shares per shareholder increased by 46.48% to 19,055 shares [2]. - The stock's trading activity on September 24 showed a net inflow of 18.377 million yuan from major funds, with significant buying and selling activity from large orders [1]. Company Overview - Dongfang Cable, established on October 22, 1998, and listed on October 15, 2014, specializes in the research, production, and sales of various types of wires and cables. Its main revenue sources include power engineering and equipment cables (49.56%) and submarine and high-voltage cables (44.14%) [1]. - The company operates within the electric equipment industry, specifically in cable components and related sectors, and is involved in concepts such as wind energy and offshore engineering [1].

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 11.20%, indicating volatility in its market performance [1]. Company Overview - Weili Transmission, established on October 29, 2003, is located in Yinchuan, Ningxia, and specializes in the research, production, and sales of wind power gearboxes, with 98.23% of its revenue derived from this segment [1]. - The company was listed on August 9, 2023, and operates within the electric equipment industry, specifically in wind power equipment and components [1]. Financial Performance - For the first half of 2025, Weili Transmission reported a revenue of 350 million yuan, reflecting a year-on-year growth of 113.17%. However, the net profit attributable to shareholders was a loss of 43.51 million yuan, a significant decrease of 343.76% compared to the previous period [2]. - Since its A-share listing, the company has distributed a total of 73.11 million yuan in dividends [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Weili Transmission was 8,066, a decrease of 4.67% from the previous period, while the average number of circulating shares per shareholder increased by 4.90% to 2,725 shares [2]. - Notable institutional shareholders include Noan Pioneer Mixed A, which increased its holdings by 39,540 shares, and other funds that have seen varying changes in their shareholdings [3].

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, and has signed a significant cooperation agreement for a large-scale pumped storage project in Heilongjiang Province [2][3]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company was established on January 27, 1993, and listed on January 24, 2022. It is headquartered in Beijing and operates in the public utility sector, specifically in wind power generation [7]. Recent Developments - Longyuan Power has signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kilowatt new energy generation project, including a 3 million kilowatt pumped storage project [2]. - The company currently has an operational wind power capacity of 1.5908 million kilowatts in Xinjiang [3]. Financial Performance - For the first half of 2025, Longyuan Power reported a revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [8]. - Since its A-share listing, the company has distributed a total of 5.978 billion yuan in dividends, with 4.746 billion yuan distributed over the past three years [9]. Shareholder Information - As of June 30, 2025, Longyuan Power had 41,000 shareholders, an increase of 1.18% from the previous period [8]. - The top ten circulating shareholders include various ETFs and investment funds, with notable increases in holdings from several entities [10].

Company Overview - Dongfang Tower, established on August 1, 1996, and listed on February 11, 2011, is located in Jiaozhou, Qingdao, Shandong Province. The company specializes in the research, design, production, sales, and installation of steel structures and tower products, including power plant steel structures, petrochemical steel structures, and communication towers [1][2]. Financial Performance - For the first half of 2025, Dongfang Tower reported a revenue of 2.148 billion yuan, representing a year-on-year growth of 8.51%. The net profit attributable to shareholders was 493 million yuan, showing a significant increase of 79.18% compared to the previous year [2]. - Since its A-share listing, Dongfang Tower has distributed a total of 2.614 billion yuan in dividends, with 1.257 billion yuan distributed over the last three years [3]. Stock Performance - As of September 23, Dongfang Tower's stock price was 13.03 yuan per share, with a market capitalization of 16.21 billion yuan. The stock has seen a year-to-date increase of 93.61%, but has recently declined by 12.20% over the past five trading days [1]. - The stock's trading volume on September 23 was 128 million yuan, with a turnover rate of 0.85% [1]. Shareholder Structure - As of June 30, 2025, Dongfang Tower had 22,800 shareholders, a decrease of 15.33% from the previous period. The average number of circulating shares per shareholder increased by 18.11% to 49,653 shares [2]. - Notable changes in the top ten circulating shareholders include a reduction in holdings by Hong Kong Central Clearing Limited and new entries from several mutual funds [3]. Business Segments - The company's revenue composition is as follows: potassium chloride (65.07%), angle steel towers (16.09%), steel structures (11.72%), steel pipe towers (4.63%), sodium bromide (1.73%), and other segments [1]. Industry Classification - Dongfang Tower is classified under the basic chemicals sector, specifically in agricultural chemical products related to potassium fertilizers. It is also associated with concepts such as wind energy, offshore wind power, smart grids, and the Belt and Road Initiative [2].

Core Viewpoint - The stock of Weili Transmission has experienced fluctuations, with a recent decline of 2.07% and a year-to-date increase of 14.91%, indicating volatility in its market performance [1]. Company Overview - Weili Transmission, established on October 29, 2003, is located in Yinchuan, Ningxia, and was listed on August 9, 2023. The company specializes in the research, production, and sales of wind power gearboxes, with 98.23% of its revenue derived from this segment [1]. - The company operates within the electric equipment industry, specifically in wind power equipment and components, and is associated with concepts such as wind energy, offshore wind power, new energy, and new energy vehicles [1]. Financial Performance - For the first half of 2025, Weili Transmission reported a revenue of 350 million yuan, reflecting a year-on-year growth of 113.17%. However, the net profit attributable to shareholders was a loss of 43.51 million yuan, a significant decrease of 343.76% compared to the previous period [1]. - As of June 30, 2025, the company had a total of 8,066 shareholders, a decrease of 4.67% from the previous period, with an average of 2,725 circulating shares per shareholder, which is an increase of 4.90% [1]. Shareholder and Dividend Information - Since its A-share listing, Weili Transmission has distributed a total of 73.11 million yuan in dividends [2]. - As of June 30, 2025, the top ten circulating shareholders include notable funds such as Nuoan Pioneer Mixed A and Jiayin Theme Preferred Mixed A, with changes in their holdings indicating varying levels of investment interest [2].

Core Viewpoint - Longyuan Power Group Co., Ltd. is actively expanding its renewable energy projects, particularly in wind and solar power, while facing recent financial challenges reflected in its revenue and profit figures [2][7]. Company Overview - Longyuan Power's main business includes wind and solar power generation, with electricity and heat as its primary products [2]. - The company has signed a framework agreement with the People's Government of Tieli City, Heilongjiang Province, to develop a 3.53 million kW renewable energy project, including a 3 million kW pumped storage project [2]. - As of June 30, the company reported a total installed wind power capacity of 1.5908 million kW in Xinjiang [3]. Financial Performance - For the first half of 2025, Longyuan Power achieved operating revenue of 15.657 billion yuan, a year-on-year decrease of 17.09%, and a net profit attributable to shareholders of 3.375 billion yuan, down 11.82% year-on-year [7]. - The company has distributed a total of 5.978 billion yuan in dividends since its A-share listing, with 4.746 billion yuan distributed over the past three years [8]. Market Activity - On September 22, Longyuan Power's stock price fell by 0.60%, with a trading volume of 80.0178 million yuan and a market capitalization of 139.609 billion yuan [1]. - The stock has seen a net inflow of 4.3813 million yuan from major investors today, with a total of 21.1085 million yuan in major transactions, accounting for 4.93% of total trading volume [4]. Shareholder Structure - As of June 30, the number of shareholders increased to 41,000, with an average of 0 circulating shares per person [7]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings among several institutional investors [9].

Company Overview - Tianqi Automation Engineering Co., Ltd. is located in Wuxi City, Jiangsu Province, established on November 18, 1997, and listed on June 29, 2004 [1] - The company specializes in automated conveyor systems, automated storage systems, system integration control software, wind turbine development, and recycling of scrapped vehicles [1] Financial Performance - For the first half of 2025, Tianqi achieved operating revenue of 1.247 billion yuan, a year-on-year decrease of 4.92%, while net profit attributable to shareholders increased by 171.11% to 55.8317 million yuan [2] - The company has distributed a total of 182 million yuan in dividends since its A-share listing, with 11.8511 million yuan distributed in the last three years [3] Stock Performance - As of September 22, Tianqi's stock price increased by 2.00% to 17.83 yuan per share, with a total market capitalization of 7.172 billion yuan [1] - Year-to-date, the stock price has risen by 17.15%, but it has seen a decline of 2.09% over the last five trading days and 1.27% over the last twenty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 61,000, with an average of 5,808 circulating shares per person, a decrease of 2.34% from the previous period [2] - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 2.819 million shares, down by 1.4289 million shares from the previous period [3] Industry Classification - Tianqi belongs to the machinery equipment sector, specifically in specialized equipment, and is associated with concepts such as wind energy, offshore wind power, energy conservation, solar energy, and new industrialization [2]